Smart Business Magazine, December 2013

A ssurance Tax Consulting www SSandG com resources INDIVIDUALSSPECIAL ADVERTISING FEATURE PeriodRetirement plan annual reportsPermanentIRA annual reportsPermanentIRA nondeductible contributions Form 8606 PermanentDivorce documentsPermanentEstate planning documentsPermanentTax returns7 years keep all complicated returns permanentlyW 2s7 years1099s7 yearsCanceled checks supporting tax deductions7 yearsBank statements and deposit slips7 yearsCharitable contribution documentation7 yearsCredit Card Statements7 yearsReceipts tax return7 yearsInvestment purchase and sales slipsOwnership period 7 yearsDividend reinvestment recordsOwnership period 7 yearsYear end brokerage statementsOwnership period 7 yearsMutual fund annual statementsOwnership period 7 yearsInvestment property purchase documentsOwnership period 7 yearsHome purchase documentsOwnership period 7 yearsHome improvement receipts and canceled checksOwnership period 7 yearsLoan documentsTerm of loan 7 yearsInsurance policiesLife of policy 3 years Check with your agent Home repair receipts and canceled checksWarranty period for itemRecordRetention While it is essential to retain important financial documents regularly disposing or electronically saving files results in more efficient organized records How long to keep a document depends on the action expense or event it records according to the Internal Revenue Service For tax returns keep all data that supports income or deductions until the period of limitation on that return expires This period is the time in which you can amend your tax return to claim a credit or refund or the IRS can assess additional tax A number of documents such as estate planning documents or audit reports should never be thrown out Consider keeping these in a secure location such as a fire safe or safe deposit box To minimize your physical storage requirements scan records and receipts and electronically archive them each year for quick reference Keep these files as organized and secure as your hard copy records and consider storing a separate disk off site in the event of disaster Remember all retention guidelines apply to electronic versions of your records Every persons situation is unique so if you have a question about whether to keep or toss any financial records contact your accountant Scan the code to find other useful information including interactive calculators to help with tax retirement and business planning Record Retention GuideRecord Guide

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